Business Standard
Web Exclusive

Nifty outlook & stock picks by Nilesh Jain of Anand Rathi: Buy FDC, Cyient

The momentum indicator for FDC has reversed from the overbought territory which hints of further positive momentum in the counter

Topics
Stock calls | Markets | Nifty Outlook

Nilesh Jain  |  Mumbai 

The stock has provided a breakout from a falling channel on the daily chart
The stock of Cyient has provided a breakout from a falling channel on the daily chart

BUY NIFTY | TARGET: 11,550 | STOP LOSS: 11,320

As expected the Nifty index reached our short term targets of 11,550 levels on Monday. Earlier, it negated the formation of a lower top and lower bottom formation on the daily chart and also reclaimed its 21-DMA which is providing immediate support. The momentum indicators and oscillators on the weekly scale are very well on buy mode. Hence, one can re-initiate the long position with a stop loss of 11,320 levels for a pullback towards 11550 levels.

BUY | TARGET: Rs 1,300 | STOP LOSS: Rs 1,200

The counter is making a higher top and higher bottom formation on the weekly scale. It is currently hovering near its 38.2% retracement of the entire fall which is placed at 1248 levels and above that we can expect the positive momentum towards 1300 levels. The momentum indicator RSI has also provided a breakout from its downward sloping trend line and a buy crossover can also be seen on MACD.

BUY | TARGET: Rs 370 | STOP LOSS: Rs 330

The stock has breached its downward sloping trend line on the daily chart. The stock is also taking the support of its short term 21-DMA which is placed near 330 levels. The momentum indicator has reversed from the overbought territory which hints of further positive momentum in the counter.

BUY | TARGET: Rs 425 | STOP LOSS: Rs 396

The stock has provided a breakout from a falling channel on the daily chart. It is trading well above its short term and long term moving averages. The momentum indicators and oscillators are very well in the buy mode on daily as well as weekly scales which hints of a further positive momentum in the counter. It has also surpassed its 21-DMA which is placed at 390 levels.

=====================
Disclaimer: Nilesh Jain is Technical and Derivatives Research - Equity Research at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, September 15 2020. 07:47 IST
RECOMMENDED FOR YOU
.